CHANGING ROLE OF REAL ESTATE AGENTS

As we move further and further into the 21st century, the fact that the times are slowly but surely changing becomes inescapable. The old system of handling things, while effective, isn’t in reality enough to cater for the changing needs and high demands of today’s marketplace.

The fact remains that the advent and subsequent proliferation of technology has all but changed the playing field from what it used to be, and as such, a measure of skillful adaptation becomes highly necessary. In the absence of this, it isn’t exaggeration to state that one’s business will inevitably suffer.

The effect of technology is felt just as heavily in the real estate.  The comfort and ease that technological tools such as mobile devices and laptops brings to searching for homes has forever redefined how homeowners go house-hunting. Once, people who wanted to buy/lease property had no choice but to get in touch with a real estate agent (or someone equivalent) to simply get access to available listings in the location they desire to buy a house. Today, to get data on the properties available for sale or rent, all a prospective buyer needs to do is access the internet from wherever they are, at anytime.

Any prospective homebuyer today can very easily and effortlessly access the listing of various available properties without having to pay a dime, or even contact any agent. This is because there are several websites that specifically deal with putting up available properties on display. In Canada, some of the more popular ones today are realtor.ca and zolo.ca. Needless to say, more of these types of sites spring up with each passing day.

What’s more, getting funds for buying a house has never been easier too. Where once prospective homeowners would have to physically visit different banks or financial institutions, one needn’t bother with such a time consuming process anymore. There are now online mortgage lenders virtually everywhere you turn.

One thing that is actually very interesting to note is that even with how easy and convenient technology has made the buying cycle for prospective homeowners, at some point, due to how the real estate is structured, they still need to involve a real estate agent, to a larger or lesser extent.

For most buyers who don’t have a functioning understanding of how the full process of buying real estate property goes, this is something that can be very baffling. This is more so the case with those types of people who have heavily relied on, and have successfully used technology to weed out the middleman when procuring items ranging from mattresses to cars, all on their own.

Therefore, this begs the question: Do agents actually perform less work due to the development and advancement of technology? Should real estate agents still claim the hefty sum that comes with a homeowner buying a house when they weren’t even the ones who directly helped them even find the real estate piece? As always, the answer to this is invariably dependent on the particular real estate agent in question, and what sort of technology it appears he or she is adopting to carry out all services rendered.

What exactly does all that mean?

  • Crossing The Threshold

From the somewhat extensive analysis given above, you can easily tell that today’s homebuyers are doing everything that they possibly can on their own. There is no secret to the fact that in a lot of ways, one of the most difficult aspects prospective homeowners have to deal with when it comes to buying a house is actually finding a property that they feel suitably meets all their demands and expectations. As discussed earlier, this is something prospective homebuyers are now actively doing all by themselves in. They are using literally every tool at their disposal to find and secure that dream house. From making use of mobile apps to browsing through every available realtor website and digital platform, they’re looking everywhere they possibly can, and doing a very good job of it, too.

However, due to the marketing structure of the real estate niche, once they’ve found that dream house, the ability to continue moving freely becomes significantly reduced. This is because they cannot take the next step all by themselves. At this point in the real estate buying cycle, all buyers have no choice but to call on the real estate agent, if they want to gain physical access to the building they wish to make home. In addition, they would also mandatorily need the professional services of the realtor in question when it comes to drafting as well as submitting their offer for the property. This point can simply be described as, “the threshold”. This is because the prospective buyers need the help of the real estate agent before they can move any further with their plans.

Today, there are several tools that are available now that weren’t before. There are several firms that make a point of offering prospective homeowners the professional services of a real estate agent to interested homeowners in such a way that only the services for helping them cross the threshold is charged. This means that unlike before, when the moment an agent is hired, the fee for the full package is immediately charged, even though it wasn’t necessarily used, now, buyers can pay strictly for only the services rendered.

In essence, these firms link prospective homebuyers with in such a way that all the agent does is to help access the home the buyer wishes to procure, when it is mutually convenient and help them with a draft of the offer for the building when the time comes. In turn, the buyers offer the real estate agent a fraction of the commission they would normally be paid.

Beyond Just Searching For Homes

When it comes to buying a house, the most cumbersome side to it for prospective homeowners anywhere is actually going through the listings and finding a property that best suits their needs. This aspect, the legwork phase of procuring real estate is something that most buyers, even first time homeowners have gotten increasingly skilled at. Most buyers usually successfully clear that huddle pretty easily and all they usually feel they need to do next is have a real estate agent simply show them the property physically. However, it is highly important to note that ultimately, the process of simply finding listings is only a very small part of the process of buying that dream house.

It has always been the prerogative of buyers and sellers to acquire data. This data is what helps all members of the market know what is presently available on the market, what price it will be going for, as well as the specific details of the real estate property in question. In today’s market, prospective homeowners actually need access to the house they intend on buying as well as all specific details attached to the property to help them better make informed decisions. What’s more, they need someone to help guide them through the process of negotiating and actually procuring the real estate piece as the market is actually more complex now than it has ever been. Needless to say, these are services that only a bona fide real estate agent can provide.

There is even a common belief among brokers that the real work on a piece of real estate doesn’t begin until the property in question is under contract. The reason this belief holds firmly is that it is only when the building comes under contract that activities such inspections and negotiations commence. These are areas where the expertise of a seasoned realtor in Toronto is indispensable. Of course, it is always a huge plus when the buyers have a working understanding of how the market operates. This goes a long way in making the process easier and smoother for both parties involved.

The easy accessibility of listings online has drastically changed how prospective buyers carry out their search for suitable homes. It has greatly increased the level of sophistication afforded to both buyers and sellers. The fact that most homebuyers conduct this search on their own means that they have access to a lot of information that helps them to structure their budget realistically, while sellers on the other hand get firsthand impressions of how much their houses are actually worth.

In Toronto, careful consideration of the current state of the market reveals that homebuyers still need the professional guidance of a real estate agent to successfully navigate this process. The potential benefits of using a professional throughout the course of the buying cycle still outweighs any possible shortcomings as they help save time, keeping buyers organized and focused, and ultimately, helping successfully close the deal on that dream house easily.

  • Using Technology To Improve Buyers’ Experience

 While it is certainly true that technology has come a long way in making things like listings available and accessible to prospective homeowners, there are ways this can also be used to the benefit of any real estate agent in Toronto. In fact, there are several ways that the advancement in technology can be used to make a real estate agent better and more effective at their job.

In theory, making use of just the right technology can go a long way in helping willing real estate agents become even better at their jobs. It can open channels that’ll improve the speed as well as quality of service offered. It can even help serve more buyers in less time, allowing the agents take on more work and overall improving the level of customer satisfaction.

There’s no doubt that the conventional style of serving prospective buyers is well on its way out. The best thing to do is adopt technologies that will efficiently cover the lapses of the old style of handling things while giving the tools to handle challenges in the present day. This will work to the advantage of the agent in that it’ll relieve the common pressure of buying property on clients which will make realtors the more attractive option in the long run.

As the market grows increasingly competitive, it’s no surprise at all that buyers want to secure their dream houses faster and will seek out agents who have proven themselves capable of doing this. Taking advantage of mobile apps, real estate agents in Toronto and across Canada can do wonders for improving the organization and connect more personally with the prospective buyers. They could use the app to easily schedule meetings, home showings and get across to buyers in a more efficient manner.

Now more than ever, it is crucial that agents embrace the benefits of technology in the real estate niche. Various studies show that buyers are displaying an increasing demand for this in their dealings with agents. For example, say a real estate agent in Toronto encounters a buyer who wishes to pay for the property he/she wants to procure in Bitcoin (not very common and subject to government scrutiny as to how the potential buyer acquired such a large amount of the coins) How would said agent, who has chosen not to inform themselves on subjects like this handle such a scenario? That’s just one of numerous instances that could occur and lead good realtors to lose opportunities.

As more and more buyers seek out the comforts that tech offers when buying a suitable and acceptable home, it is highly imperative as well that real estate agents do what they can to efficiently keep up with the times and deliver the very best service possible.

  • Improving Knowledge And Bargaining Skill-set

With the arsenal of tools that technology makes available to today, real estate agents have the opportunity to do much more than just stay updated on the use of this technology. There are several ways that these tools can actually be used to the advantage of realtors. The most significant of which is providing value to prospective buyers in any number of ways.

It’s important that realtors understand that regardless of the gigantic strides in technology, what really matters is what each agent personally has in store has to offer. This is what distinguishes a good realtor from a mediocre one. It is also the one edge that real estate agents all around the world possess that gives them leverage over the many benefits of the internet.

Also, having a vast and intimate knowledge of specific aspects of the real estate niche can be a great advantage to play on. Top experts in the real estate niche confirm that possessing unparalleled knowledge of a field in the real estate sector is something that comes highly regarded and coveted. Whether it is something as small as knowing certain parts of a city better than anyone else, or simply understanding how to fluidly navigate negotiations, these attributes play a huge part in helping the realtor stand heads and shoulders above the competition. Special emphasis is placed on specialized skills as these complement available technology perfectly and have the potential to survive long into the future in this field.

The fact that the internet has much to offer is beyond question. Yet, that doesn’t render the role of the real estate agents in Toronto obsolete. It only makes it more important each realtor further hone their skills to make them more able to compete in this fierce marketplace. While the web certainly holds a lot of information, the presence and innate ability of a realtor to utilize this information advantageously is what determines how well the real estate agent will thrive in their professional field. The world is evolving, and so is technology that the real estate niche relies on. Therefore, it is very important that companies as well as realtors themselves follow this flow, and evolve as the times demand.

You can learn the value of seeking professionals with this costly story of a Newmarket couple.

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